Upwork Earnings Reports

Upwork delivered strong Q3 2025 results with record revenue of $201.7 million and adjusted EBITDA of $59.6 million. Net income rose to $29.3 million, and GSV growth turned positive, fueled by AI-driven client engagement.

Upwork delivered an exceptional second quarter in 2025, with record revenue of $194.9 million, net income of $32.7 million, and an all-time high adjusted EBITDA margin of 29.3%. The company's strong performance was driven by AI features and strategic acquisitions, leading to raised full-year guidance for both revenue and adjusted EBITDA.

Upwork achieved record first-quarter revenue and profitability in Q1 2025, driven by strong execution and strategic investments in AI. Revenue grew 1% year-over-year to $192.7 million, while net income more than doubled to $37.7 million. Adjusted EBITDA reached $56.0 million, resulting in a 29% margin.

Upwork achieved record financial results in Q4 2024, with revenue reaching $191.5 million, net income of $147.2 million, and adjusted EBITDA of $50.2 million, marking its most profitable quarter ever. The company's strong performance was driven by growth in AI-related work and strategic initiatives, positioning it for continued market share gains.

Upwork reported a 10% year-over-year revenue increase and a record net income in Q3 2024. The company is raising its full-year 2024 revenue and adjusted EBITDA guidance and authorized a new $100 million share repurchase program.

Upwork reported a strong second quarter in 2024, with revenue up 15% year-over-year to $193.1 million and net income reaching a record $22.2 million. The company saw growth in active clients and significant increases in adjusted EBITDA and free cash flow.

Upwork reported a strong first quarter in 2024, with revenue growing 19% year-over-year to $190.9 million. Net income increased to $18.4 million, and adjusted EBITDA reached $33.3 million. The company is raising its revenue and Adjusted EBITDA outlook for 2024 and has established a five-year Adjusted EBITDA margin target of 35%.

Upwork's Q3 2023 revenue reached $175.7 million, an 11% increase year-over-year. The company reported a GAAP net income of $16.3 million and an adjusted EBITDA of $31.2 million, marking a significant improvement from the previous year. Upwork is raising its full-year revenue and adjusted EBITDA guidance for 2023.

Upwork's Q2 2023 saw revenue of $168.6 million, a 7% increase year-over-year, with GSV exceeding $1 billion. The company reported a GAAP net loss of $(4.0) million and adjusted EBITDA of $14.4 million. Upwork is raising its adjusted EBITDA guidance for 2023 to $50 million to $55 million.

Upwork's Q1 2023 revenue grew by 14% year-over-year to $160.9 million, with GAAP net income of $17.2 million. The company saw some softness in client behavior due to macroeconomic uncertainty, leading to cost reduction measures and a revised revenue outlook for the year.

Upwork's Q4 2022 saw GSV exceeding $1 billion with 5% growth and revenue reaching $161.4 million, an 18% increase year-over-year. The company signed 26 new Enterprise Clients, including HTC and Lucid Motors. GAAP net loss was $(16.5) million, while adjusted EBITDA reached $1.1 million.

Upwork's Q3 2022 earnings showed revenue growth of 24% year-over-year, reaching $158.6 million. GSV grew 14% year-over-year, exceeding $1 billion. GAAP net loss was $(24.8) million, and adjusted EBITDA was $(2.9) million.

Upwork's Q2 2022 earnings report revealed a 26% year-over-year revenue increase, reaching $156.9 million. The company focused on product innovation, particularly in the Project Catalog™ area, and saw growth in Enterprise Revenue, which increased 45% year-over-year to $12.3 million.

Upwork's Q1 2022 saw GSV reach over $1 billion, a 27% year-over-year increase, and revenue grew by 24% to $141.3 million. New Enterprise Client deals increased by 33% year-over-year, with Enterprise Revenue growing 57% year-over-year. The company estimates a $1 million revenue loss due to the war in Ukraine and incurred $4.3 million in humanitarian expenses.

Upwork's Q4 2021 results showed strong year-over-year growth in revenue and GSV. The company signed 32 new Enterprise Clients, exceeding expectations. Upwork is accelerating its target of achieving $1 billion in revenue by one year, to 2024.

Upwork's Q3 2021 saw GSV reach $904.0 million, a 38% year-over-year increase, and revenue grew 32% year-over-year to $128.1 million, exceeding guidance. Active Clients increased by 25% year-over-year, and GSV per Active Client grew by 12% year-over-year.

Upwork reported a 42% year-over-year increase in revenue to $124.2 million and a 50% year-over-year increase in GSV to $875.8 million. The company's net loss was $16.5 million, or $(0.13) per basic share. Non-GAAP net income was $4.6 million, or $0.03 per diluted share.

Upwork reported a strong start to 2021 with a 41% year-over-year increase in GSV to $786.8 million and a 37% increase in revenue to $113.6 million. The company's net loss was $7.8 million, or $(0.06) per share, while non-GAAP net income was $4.2 million, or $0.03 per share.

Upwork's Q4 2020 revenue grew 32% year-over-year to $106.2 million. Marketplace revenue grew 34% to $96.9 million. Net income was $0.9 million, or $0.01 per share, compared to a net loss of $5.5 million, or $(0.05) per share, in the fourth quarter of 2019.

Upwork's Q3 2020 financial results showed significant growth, with revenue increasing by 24% year-over-year to $96.7 million. The marketplace revenue also grew by 26% year-over-year, and the marketplace take rate improved to 13.6%.